Broadcom (NASDAQ:AVGO) Stock Price Expected to Rise, Truist Financial Analyst Says

Broadcom (NASDAQ:AVGO) had its target price raised by research analysts at Truist Financial from $500.00 to $510.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor manufacturer’s stock. Truist Financial’s price target indicates a potential upside of 54.60% from the company’s current price.

Other equities research analysts have also issued research reports about the company. JPMorgan Chase & Co. increased their price target on Broadcom from $400.00 to $475.00 and gave the company an “overweight” rating in a research report on Friday, December 12th. Wall Street Zen upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. Citigroup reaffirmed a “buy” rating and issued a $480.00 target price (up previously from $415.00) on shares of Broadcom in a report on Friday, December 12th. Rosenblatt Securities lifted their price target on shares of Broadcom from $400.00 to $440.00 and gave the stock a “buy” rating in a research note on Tuesday, December 9th. Finally, Argus increased their price objective on shares of Broadcom from $285.00 to $375.00 and gave the company a “buy” rating in a research report on Monday, September 8th. Three research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Broadcom has an average rating of “Buy” and a consensus price target of $436.33.

Broadcom Stock Performance

Shares of AVGO stock opened at $329.88 on Friday. The firm has a 50 day moving average of $362.66 and a two-hundred day moving average of $320.02. The stock has a market capitalization of $1.56 trillion, a PE ratio of 69.30, a P/E/G ratio of 1.09 and a beta of 1.19. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76. Broadcom has a 52 week low of $138.10 and a 52 week high of $414.61.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The business had revenue of $18.02 billion for the quarter, compared to analyst estimates of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The company’s revenue was up 28.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.42 earnings per share. On average, research analysts predict that Broadcom will post 5.38 EPS for the current fiscal year.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 24,527 shares of Broadcom stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $340.91, for a total transaction of $8,361,499.57. Following the sale, the insider owned 304,775 shares in the company, valued at approximately $103,900,845.25. The trade was a 7.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Henry Samueli sold 368,797 shares of the company’s stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $337.91, for a total value of $124,620,194.27. Following the completion of the sale, the director directly owned 37,722,534 shares of the company’s stock, valued at approximately $12,746,821,463.94. This trade represents a 0.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 825,296 shares of company stock valued at $299,151,975. Corporate insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

Several institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new position in Broadcom in the second quarter valued at $18,579,549,000. Vanguard Group Inc. boosted its stake in shares of Broadcom by 1.3% during the second quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after buying an additional 6,222,802 shares during the period. Edgewood Management LLC purchased a new position in shares of Broadcom during the second quarter worth about $1,571,438,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Broadcom by 499.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,634,232 shares of the semiconductor manufacturer’s stock worth $1,858,789,000 after buying an additional 4,694,313 shares during the last quarter. Finally, Alliancebernstein L.P. increased its position in Broadcom by 16.0% in the 1st quarter. Alliancebernstein L.P. now owns 29,513,814 shares of the semiconductor manufacturer’s stock valued at $4,941,498,000 after acquiring an additional 4,077,910 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.